- Fixed-Income Market Turnover Tops GH¢2.03bn as Treasury Bills Dominate
Trading turnover on the Ghana Fixed Income Market exceeded GH¢2.03 billion on Wednesday, July 29, 2026, as investors concentrated activity in Treasury bills and selected bonds issued under the Domestic Debt Exchange Programme.
The market recorded 730 transactions, with Treasury bills accounting for GH¢1.31 billion, equivalent to 64.28% of total turnover.
DDEP bonds followed with GH¢693.44 million, representing 34.11% of market activity, while corporate bonds contributed GH¢24.82 million, or 1.22%. Sell-buy-back transactions involving Government of Ghana securities generated GH¢7.74 million, while old government notes and bonds recorded only GH¢275,000.
No trades were executed in the new Government of Ghana notes and bonds segment, highlighting the continued concentration of secondary-market liquidity in short-term securities and selected post-restructuring bonds.
Treasury bills also dominated transaction numbers, recording 671 trades, or 91.92% of all transactions executed during the session. The largest Treasury bill trade involved the security maturing on July 26, 2027, which generated GH¢627.87 million through 59 transactions and closed at a price of approximately GH¢88.69.
The instrument alone accounted for about 48.05% of Treasury bill turnover and 30.88% of total market value. The volume suggests strong institutional interest in longer-dated Treasury bills, which offer investors exposure to government credit without the longer duration and greater price volatility associated with medium- and long-term bonds.
Another actively traded security was the Treasury bill maturing on October 26, 2026, which recorded more than GH¢22.82 million across 416 transactions and closed at a yield of approximately 5.81%.
Its high transaction count indicates broad participation, even though the value traded was considerably lower than the activity in the July 2027 maturity. The DDEP segment recorded 34 transactions, but activity was heavily concentrated in a small number of securities.
The bond maturing on February 10, 2032, generated the highest value at GH¢335.00 million from only two transactions. The 9.10% coupon bond closed at a yield of 14.69% and a price of approximately GH¢79.05.
Its substantial discount to face value reflects the gap between the bond’s coupon and the higher return demanded by investors for holding longer-term government debt. The February 12, 2030 DDEP bond followed with turnover of GH¢158.73 million across 22 transactions. It closed at a yield of 14.79% and a price of approximately GH¢83.59.
A further GH¢117.00 million was traded in the February 11, 2031 bond through a single transaction. The security closed at a yield of 14.43% and a price of approximately GH¢81.93. Together, the 2030, 2031 and 2032 DDEP bonds generated GH¢610.73 million, representing about 88.07% of total outright DDEP turnover.
The concentration indicates that although the DDEP market recorded strong headline activity, liquidity remained narrow and dependent on a few large institutional transactions.
Other DDEP trades included GH¢53.00 million in the February 2027 maturity and GH¢19.44 million in the February 2037 bond.
Corporate bond turnover was led almost entirely by Ghana Cocoa Board securities. The Cocoa Board bond maturing on August 30, 2027, generated GH¢24.02 million through seven transactions and closed at approximately GH¢99.42.
A second Cocoa Board security maturing in August 2028 recorded GH¢804,200 from three trades. Corporate debt therefore remained a marginal part of the market, reflecting the relatively limited supply and secondary-market liquidity of non-government securities.
Sell-buy-back transactions totalled GH¢7.74 million across 14 trades. The February 16, 2027 DDEP bond accounted for GH¢6.80 million of the segment, closing at a weighted average price of GH¢99.64 and a yield of 8.92%.
The February 2028 bond generated the remaining GH¢933,700 at a yield of 11.08%. The session demonstrated the depth of demand available for government securities but also exposed the uneven distribution of liquidity.
Treasury bills and selected DDEP maturities accounted for more than 98.00% of total turnover, while the new and old government bond segments and corporate debt attracted limited activity.
For market operators, the challenge remains to broaden secondary-market participation beyond short-term bills and a small group of heavily traded bonds.
Wednesday’s GH¢2.03 billion turnover signals substantial liquidity within the financial system. But the concentration of trades suggests that investors continue to prioritise instruments offering clearer pricing, shorter duration or established institutional dem
